DRIVING THE GLOBAL

CANNABIS INDUSTRY

Bruce LintonFounder, Chairman & Co-CEO

November 2018

This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “Forward-Looking Statements”). All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will, may, could or might occur in the future are Forward-Looking Statements. The words “expect,” “anticipate,” “estimate,” “may,” “could,” “might,” “will,” “would,” “should,” “intend,” “believe,” “target,” “budget,” “plan,” “strategy,” “goals,” “objectives,” “projection” or the negative of any of these words and similar expressions are intended to identify Forward-Looking Statements, although these words may not be present in all Forward-Looking Statements.

Forward-Looking Statements are subject to a number of risks and uncertainties that may cause the actual events or results to differ materially from those discussed in the Forward-Looking Statements, and even if events or results discussed in the Forward-Looking Statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company.

Factors that could cause actual results or events to differ materially from current expectations include, among other things: risks related to the Company’s ability to maintain its licences issued by Health Canada in good standing; uncertainty with respect to the Company’s ability to grow, store and sell medical cannabis in Canada; risks related to the costs required to meet the Company’s obligations related to regulatory compliance; risks related to the extensive control and regulations inherent in the industry in which the Company operates; risks related to governmental regulations, including those relating to taxes and other levies; risks related to the nature of the Company as an early stage business and a business involving an agricultural product and a regulated consumer product; risks related to building brand awareness in a new industry and market; risks related to the retention of senior management and key employees of the Company; risks relating to restrictions on sales and marketing activities imposed by Health Canada, various medical associations and other governmental or quasi-governmental bodies; risks relating to incurring operating losses and maintaining profitability; risks relating to competition in the industry within which the Company operates; risks inherent in the agricultural business; risks relating to energy costs; risks relating to the Company’s exposure to product liability claims, regulatory action and litigation; risks relating to recall or return of the Company’s products; and risks relating to insurance coverage.

This list is not exhaustive of the factors that may affect the Company’s Forward-Looking Statements. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the Forward-Looking Statements. The Company’s Forward-Looking Statements are based on beliefs, expectations and opinions of management on the date the statements are made and the Company does not assume any obligation to update Forward-Looking Statements whether as a result of new information, future events or otherwise, or if circumstances or management’s beliefs, expectations or opinions change, except as required by law. A number of important facts could cause actual results to differ materially from those indicated by the Forward-Looking Statements, including, but not limited to, the risks described herein. For the reasons set forth above, investors should not place undue reliance on Forward-Looking Statements. The Company undertakes no obligation to update its Forward-Looking Statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events other than as required by law. Accordingly, readers should not place undue reliance on Forward-Looking Statements.

Financial amounts in Canadian Dollars, unless otherwise specified.

FORWARD-LOOKING STATEMENT

2

Canopy Growth (TSX:WEED) (NYSE: CGC) is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgelcapsule forms.

COMPANY SNAPSHOT

1) November 21, 20182) At September 30, 20183) Closed November 1, 2018, $430 Cash and Cash Equivalents @ September 30, 20184) Includes Hiku supply commitments, excludes Ontario supply (125 skus secured). Ontario represents

40% of national population 3

Product innovation and education

Medical research

Deep channels into Canadian rec. market• 10 supply agreements, 70,000+ kg/yr4

• Physical & online stores in multiple provinces

Active IP protection program

Think: Cannabis as a disruptive ingredient

Operations in 12 countries on 5 continents

10 world-class production facilities in Canada

• Proven commercial scale operations

• 4.3 M sq. ft. licensed / 1.3M sq. ft. expansion underway

Built on strong brands

Global medical cannabis leadership

$14.71

Market

Cap.

5.4MAvg. Daily

Volume

(30 Day)

$5B NYSE:STZ

Investment

Closed3

$0

$20

$40

$60

$80

22-Nov-17 22-Mar-18 22-Jul-18 22-Nov-18

Share Price Performance (TSX:WEED)

4

$5 BILLION

TRANSFORMATIVE INVESTMENT TO ACCELERATE GLOBAL GROWTH PLANS

Use of Proceeds:

Entry into United States?European expansionExpansion in South AmericaMergers & Acquisitions

THE LEGALIZATION OF CANNABIS IS SPREADING GLOBALLY

Medical Use Legalized

In the Process of Legalizing Medical Use / Exploring Legalization

5

Medical & Adult-Use Legalized

Exploring Legalization of Hemp -CBD/Federal Permissibility of Cannabis where State Legal

GLOBAL CANNABIS MARKET

6

ILLICIT MARKET CONVERSION POTENTIAL GLOBAL MARKET DISRUPTION - $500B+

TARGET MARKETS INCLUDE:

ATHLETIC DRINKS4 $40B ANIMAL HEALTH5 $50BPAIN RELIEF6 $90BSLEEP AIDS7 $100BBEVERAGE ALCOHOL8 $1T

CANADA MEDICAL1

$3B

CANADA REC.2

$5B - $9B

INTERNATIONAL MEDICAL3

$180B

1 Source: Eight Capital, “The Value Case for Investing in the Cannabis Sector”

2 Source: Deloitte, “Recreational Marijuana Insights and Opportunities”

3.Overtime, Source: Eight Capital, “The Value Case for Investing in the Cannabis Sector”

4.USD $30B in 2017, Source - Industry Article

5.USD $42B in 2017, Source - Grand View Research

5.USD$ 77B by 2023, Source - Allied Market Research Group

6.USD$ 80B by 2020, Source - Allied Market Research Group

7.Source - ISRW

7

BUILDING STRONG BRANDS

MEDICAL ADULT – USE

RETAILOWNED BRANDS AFFILIATE BRANDS

The diverse brands “under the Canopy” allow us to effectively deploy brands that are targeted towards specific customer demographics, use occasions and product form factors

8

GLOBAL MEDICAL CANNABIS LEADERSHIP

1 Cumulative since inception, visits and conference presentations2 CCCEP - Canadian Council on Continuing Education in Pharmacy

• 54,000 Healthcare Professional Visits1

• Certified Medical Education Program

• Exclusive Pharmacy Learning Modules Accredited by Canadian Pharmacy Association and CCCEP2

• Peer Catalyst Mentor Program

• Global Brand – Spectrum Cannabis

• Colour-coded Product System – Dried / Oils /Soft Gel Caps /…

Developing safe, effective, natural medicines derived from cannabis

9

Research Program1

15

4

Human Health Clinical Trials including Phase 11b sleep trials2

39Patent Applications Filed with USPTO

Animal Health Clinical TrialsIncluding companion animal anxiety

GLOBAL MEDICAL CANNABIS LEADERSHIP

1 Includes trials underway or planned2 Including both industry-sponsored and investigator-initiated, in Canada and other regions, and including PhIIB/POC studies, and including two planned by Beckley-Canopy Therapeutics (UK part-owned affiliate)

DEEP CHANNELS INTO CANADIAN RECREATIONAL MARKET

10

Distribution Drives Revenue, Capacity Alone Does Not

36%

1. Estimated share of supply agreements announced to date by provinces and territories, includes Hiku supply commitments. Includes Canopy

Growth estimate of total of supply agreements entered into by Alberta and British Columbia. Excludes estimates of Ontario supply

commitments

2. Minimum supply commitment from 10 agreements signed to date.

3. Canopy Growth estimate, November 21, 2018, based on available SKU data provided by provinces and territories

70,000 kg/yr

Share of Supply Agreements Signed To Date1

Minimum Supply Commitments2

30%+

Share of Available SKUs, Nationwide3

11

ENGAGING RETAIL – BUILD BRAND, BUILD DEMAND

Government

Private

Brick & Mortar1

Online

Hybrid

155

In Process

In Process

1 Store count includes Tweed and Tokyo Smoke locations

8

Technology-enabled, Nationwide sales force

12

ENGAGING RETAIL – BUILD BRAND, BUILD DEMAND

Demand Pull Through 12

131. Completed, underway or planned

EDUCATING RETAIL

Canopy Learning & Development

CSR Training1

• Provincial stores - NB, PEI

• Private stores in NF

• Own stores - NF, MB, SK

• Additional retailers evaluating

Over 650 trained to date

CANNABIS – A POTENTIALLY DISRUPTIVE INGREDIENT

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NO ALCOHOL

NO CALORIES

NO HANGOVER

HAPPY LIVER

SCIENCE-BASED, CLINICALLY-PROVEN OUTCOMES

ANTI-INFLAMATION

ANTI-ANXIETY

CANNABIS – A POTENTIALLY DISRUPTIVE INGREDIENTDeveloping safe, effective, natural medicines derived from cannabis

Global IP Protection

15

XXXX

Image of gas lamp type

light bulb (bad example

below)

GROWING IP PORTFOLIO – DIGGING OUR ECONOMIC MOAT

120+ patent applications1 filed to date, more under development

• Cannabis-based beverage production• Cannabis-based medical treatments• Large-scale cannabis processing• Technology• Broad geographic coverage

Proven Standard Operating Procedures

161 Developed or acquired

17

DRIVING GLOBAL GROWTH

MANAGEMENT TEAM

Tim SaundersEVP & Chief Financial Officer

Bruce LintonChairman & Co-CEO

Mark ZekulinPresident & Co-CEO

18

Dr. Mark WareChief Medical Officer

Phil ShaerChief Legal Officer

Amanda Daley VP, Medical

Rade KovacevicEVP, Recreational Cannabis &

Managing Director, Canada

Dave BigioniChief Commercial Officer

19

MANAGEMENT TEAM

BRUCE LINTON

FOUNDER, CHAIRMAN & CO-CEO

bruce@canopygrowth.com

20

PERFORMANCE HIGHLIGHTS

Revenue (M) Sales (kg & kg equiv.)

Avg. Sales Price per Gram Patients

21

2,0202,330

2,5282,695

2,197

Q218 Q318 Q418 Q119 Q219

64,00069,000

74,00085,000 84,400

Q218 Q318 Q418 Q119 Q219

$17.6

$21.7$22.8

$25.9

$23.3

Q218 Q318 Q418 Q119 Q219

$7.99

$8.30$8.43

$8.94

$9.87

$6

$8

$10

Q218 Q318 Q418 Q119 Q219